Extending validity for the warranty on the contract for construction of the pipeline Szczecin-Gdańsk

On 20 November 2014, at the request of Stalprofil SA, was extended period of validity of the advance payment, which PKO Bank Polski SA with its registered seat in Warsaw has granted to the beneficiary - OGP Gaz-System SA. According to the annexes to the advance payment guarantees signed by Stalprofil SA and PKO Bank Polski SA, guarantees shall enter into force on the date of issue and shall remain valid until the date falling 60 days after the date of final acceptance, but not later than 20 February 2015. The total amount of advances received by the Consortium Leader - ZRUG Zabrze SA - from OGP Gaz-System SA, and for financing of the contract amounted to 51 500 thousand PLN (gross).
The term of the above mentioned warranty has been extended due to the postponement of execution of the contract of 10 May 2012, signed between the consortium composed of ZRUG Zabrze SA (consortium leader), Stalprofil SA (consortium member) and OGP Gaz-System SA with its registered seat in Warsaw for general realization of the investment "Construction of the pipeline DN 700 Szczecin-Gdańsk: Phase II Karlino-Koszalin, Stage Koszalin-Słupsk and Stage IV Slupsk-Wiczlino" (current report 28/2014).
Financial terms on which the guarantees have been provided do not differ from the market for this type of contract. Contracts advance payment guarantees for which which the annexes have been prepared meet the criterion of a significant agreement because their value exceeds 10% of the equity of the issuer.